KBR Settles U.S. Government Lawsuit for More Than $140 Million
By Sabela Ojea
KBR said Monday it agreed to pay over $140 million to resolve a decade-old lawsuit related to an U.S. army materials and equipment procurement and inventory contract in Iraq.
The engineering company will pay $108.8 million to the U.S. government, as well as $35 million to cover the government's attorney's fees.
The company does, however, deny violating any laws, including the false claims act or any rules and regulations for government contracting during the 2007-2011 time period, it added.
"We are proud of our work on LOGCAP III (contract) and of our broader, strong record of serving the armed forces," Chief Executive Stuart Bradie said.
The settlement payment will take place in July, with KBR set to take the associated charge in its financial results for the fiscal second quarter ending June 30.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 03, 2023 17:13 ET (21:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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